The Importance of Market Transparency in the Financial Sector

Michael Bociurkiw spent most of his career trading the restructured and defaulted debt of so-called LDC countries. He says when capital is easily abundant, the cost of capital is very low; markets are looking for optimistic stories. When sentiment changes, lack of transparency becomes a huge problem, he says. "I think if China continues to slow, as it probably will, the very lack of transparency that didn't matter to us for 20, 30 years will suddenly become a huge impediment"